The Victorian Government has announced a $5 million investment in the development of life-saving innovations. 

Minister for Economic Growth Tim Pallas says the investment in Neo-Bionica, a Melbourne-based medtech company, through Breakthrough Victoria, will assist the company in bringing its technologies to market. 

Neo-Bionica focuses on developing implantable and wearable medical device prototypes for clinical trials. 

The company provides end-to-end support for medical device development, including prototype creation, clinical trials, and initial production. 

The state says it is keen to invest in one of its major industries, with Victoria leading Australia in clinical trials, conducting one-third of the nation's total. 

The state’s medtech sector reportedly comprises 660 companies employing over 9,000 people.

“Neo-Bionica is unique in Australia – it significantly speeds up the time it takes to develop and trial a medical device, which means people will benefit from the technology earlier,” says Grant Dooley, CEO of Breakthrough Victoria.

Neo-Bionica CEO Ludovic Labat has welcomed the investment.

“We are extremely excited to have Breakthrough Victoria’s support as we embark on our next growth phase,” Labat said. 

“Breakthrough Victoria’s investment will enable us to accelerate our domestic and global expansion plans.”